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AMC Theatres always wants to offer its customers the best and most memorable experiences.
As a result, AMC Entertainment Holdings has deployed strategic initiatives. The company’s Board of Directors will increase calendar year 2014 authorized capital expenditures by about $39 million to accelerate the rollout of its on-going customer experience initiatives. The additional capital will support AMC’s strategic focus on more guest comfort and convenience, enhanced food and beverage, and premium sight and sound.
“Our comfort and convenience strategic action front, best illustrated by our recliner re-seats, continues to significantly outperform the industry, even in a cyclical year,” AMC President and CEO Gerry Lopez said in a release. “Our Board and our team are hitting the accelerator on what our guests have told us works. These innovations are increasing the productivity of existing assets, improving revenue per customer visit and driving shareholder value.”
What’s more, the approximately $39 million represents a nearly 20% increase from the estimated $200 million in planned net cash outlays in 2014. Actual total capital spending for 2014 will be approximately $265-$285 million, before expected landlord contributions of $35-$55 million.
The additional 2014 capital investment will primarily support the acceleration of recliner re-seat initiatives, additional MacGuffins bars, and IMAX screens in AMC theatres. As of June 30, 2014, AMC had recliner re-seats in 44 locations with 505 screens, 74 MacGuffins and 148 IMAX screens, which makes AMC North America’s leading and largest IMAX distributor.
In December of 2013, AMC announced a $600 million, five-year recliner re-seat investment. During the second quarter of 2014, admissions revenue per screen rose by 33% and Adjusted EBITDA more than doubled at AMC’s 44 recliner re-seat locations.
AMC has 342 locations and 4,968 screens located primarily in the United States. AMC has propelled innovation in the theatrical exhibition industry and continues today by delivering more comfort and convenience, enhanced food & beverage, greater engagement and loyalty, premium sight & sound, and targeted programming. AMC operates the most productive theatres in the country’s top markets, including No. 1 market share in the top three markets (New York, Los Angeles, and Chicago).
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